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Summary
Investment Objective(s)
<p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zUg5L9cFtzx4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fund seeks to provide preservation of capital, liquidity, and,
consistent with these objectives, the highest current income exempt from federal income taxes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
Fees and Expenses
<p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_z5m6knYB3Br1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: normal">This table describes the fees and
expenses that you may pay if you buy, hold, and sell shares of the fund. </span><b>You may also incur brokerage commissions and other
charges when buying or selling shares of the fund, which are not reflected in the table or example below.</b></p>
<div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zvHdd4FpmuCi"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z6Y8ie4GH333" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees">
<tr style="vertical-align: top">
<td colspan="2" style="border-bottom: black 1pt solid"> </td>
<td id="xdx_499_20260424__20260424__oef--ClassAxis__custom--C000005557Member_zZU7eXlg83cc" style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td id="xdx_490_20260424__20260424__oef--ClassAxis__custom--C000193189Member_z3QV6tW8mTEl" style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" style="border-left: black 1pt solid"> </td>
<td colspan="2" style="text-align: center"><span style="font-size: 10pt"><b>Investor<br/>
Class</b></span></td>
<td colspan="2" style="text-align: center"><span style="font-size: 10pt"><b>I<br/>
Class</b></span></td>
<td style="border-right: black 1pt solid; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="6" style="border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b><span id="xdx_906_eoef--ShareholderFeesCaption_c20260424__20260424__dei--LegalEntityAxis__custom--S000002161Member_zFQOIoIqLiJb">Shareholder fees (fees
paid directly from your investment)</span></b></span></td>
<td style="border-right: black 1pt solid"> </td></tr>
<tr id="xdx_40C_eoef--MaximumAccountFee_d0_zV0NszZN6ATd" style="vertical-align: bottom">
<td colspan="2" style="border-left: black 1pt solid; padding-left: 5pt"><span style="font-size: 10pt">Maximum account fee</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">$20</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt"><sup id="xdx_F2F_zOjCre54rn3j">a</sup> </span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">—</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr>
<td style="width: 2%"><span style="font-size: 1pt"> </span></td>
<td style="width: 57%"><span style="font-size: 1pt"> </span></td>
<td style="width: 9%"><span style="font-size: 1pt"> </span></td>
<td style="vertical-align: bottom; width: 9%"><span style="font-size: 1pt"> </span></td>
<td style="width: 9%"><span style="font-size: 1pt"> </span></td>
<td style="vertical-align: bottom; width: 9%"><span style="font-size: 1pt"> </span></td>
<td style="vertical-align: bottom; width: 5%"><span style="font-size: 1pt"> </span></td></tr>
</table>
Shareholder fees (fees
paid directly from your investment)
20
0
Annual fund operating expenses
(expenses that you pay each year as a
percentage of the value of your investment)
<div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zgrrvm1Q6Pud"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zaZkyywfCgqd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="display: none; vertical-align: top">
<td colspan="2" style="border-left: black 1pt solid; padding-left: 5pt"> </td>
<td id="xdx_499_20260424__20260424__oef--ClassAxis__custom--C000005557Member_zZKtTtyUMXQg" style="background-color: #E6E6E6; text-align: right"> </td>
<td style="background-color: #E6E6E6"> </td>
<td id="xdx_490_20260424__20260424__oef--ClassAxis__custom--C000193189Member_zKaa1Byijy5l" style="background-color: #E6E6E6; text-align: right"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp0_zN0JzeCf3Nvi" style="vertical-align: bottom">
<td colspan="2" style="border-left: black 1pt solid; padding-left: 5pt"><span style="font-size: 10pt">Management fees</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> 0.19</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt">%</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> 0.19</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt">%</span></td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid; width: 2%"> </td>
<td style="width: 57%"> </td>
<td style="width: 9%; background-color: #E6E6E6"> </td>
<td style="width: 9%; background-color: #E6E6E6"> </td>
<td style="width: 9%; background-color: #E6E6E6; text-align: right"> </td>
<td style="width: 9%; background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; width: 5%; background-color: #E6E6E6"> </td></tr>
<tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dp0_zXsOvaNNh8a4" style="vertical-align: bottom">
<td colspan="2" style="border-left: black 1pt solid; padding-left: 5pt"><span style="font-size: 10pt">Distribution and service (12b-1) fees</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> —</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> —</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr id="xdx_405_eoef--OtherExpensesOverAssets_dp0_z4qgCT29Hzhe" style="vertical-align: bottom">
<td colspan="2" style="border-left: black 1pt solid; padding-left: 5pt"><span style="font-size: 10pt">Other expenses</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> 0.30</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> 0.07</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt"><sup id="xdx_F25_zQ7KvgTv8XU2">b</sup> </span></td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr id="xdx_409_eoef--ExpensesOverAssets_dp0_z0vp6SVNHhqg" style="vertical-align: bottom">
<td colspan="2" style="border-left: black 1pt solid; padding-left: 5pt"><span style="font-size: 10pt">Total annual fund operating expenses</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> 0.49</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> 0.26</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zfJtlqILz9rl" style="vertical-align: bottom">
<td colspan="2" style="border-left: black 1pt solid; padding-left: 5pt"><span style="font-size: 10pt">Fee waiver/expense reimbursement</span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> (0.04</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt">)<sup id="xdx_F24_zcfBxeckRkpj">c</sup> </span></td>
<td style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"> (0.02</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt">)<sup id="xdx_F21_z7ebB3tqdmKj">b</sup> </span></td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: black 1pt solid"> </td>
<td> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6; text-align: right"> </td>
<td style="background-color: #E6E6E6"> </td>
<td style="border-right: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr id="xdx_40F_eoef--NetExpensesOverAssets_dp0_zb67JtM5cPab" style="vertical-align: bottom">
<td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt"><span style="font-size: 10pt"><b>Total annual
fund operating expenses after fee waiver/expense reimbursement</b></span></td>
<td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"><b> 0.45</b></span></td>
<td style="border-bottom: black 1pt solid; background-color: #E6E6E6"><span style="font-size: 10pt"><b><sup id="xdx_F2A_zvxWKvUJGIT3">c</sup> </b></span></td>
<td style="border-bottom: black 1pt solid; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt"><b> 0.24</b></span></td>
<td style="border-bottom: black 1pt solid; background-color: #E6E6E6"><span style="font-size: 10pt"><b><sup id="xdx_F25_zKbbpi7mZfE">b</sup> </b></span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E6E6E6"> </td></tr>
<tr>
<td><span style="font-size: 6pt"> </span></td>
<td><span style="font-size: 6pt"> </span></td>
<td><span style="font-size: 6pt"> </span></td>
<td style="vertical-align: bottom"><span style="font-size: 6pt"> </span></td>
<td><span style="font-size: 6pt"> </span></td>
<td style="vertical-align: bottom"><span style="font-size: 6pt"> </span></td>
<td style="vertical-align: bottom"><span style="font-size: 6pt"> </span></td></tr>
</table>
0.0019
0.0019
0
0
0.0030
0.0007
0.0049
0.0026
-0.0004
-0.0002
0.0045
0.0024
<div id="xdx_A87_eoef--ExpenseFootnotesTextBlock_zkjlI4UryaKe"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 20pt; text-align: left"><span style="font-size: 10pt"><sup id="xdx_F08_ziGrKs8L9pth">a</sup></span></td><td style="text-align: left"><span id="xdx_F1F_z5CsMSx2vx6a" style="font-size: 10pt">Subject to certain exceptions
and account minimums, accounts are charged an annual $20 fee.</span></td>
</tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 20pt; text-align: left"><span style="font-size: 10pt"><sup id="xdx_F07_zBkeHaoQnRui">b</sup></span></td><td style="text-align: left"><span id="xdx_F18_zvcmKhU5yY0c" style="font-size: 10pt">T. Rowe Price Associates, Inc.,
has contractually agreed (through April 30, 2028) to pay the operating expenses of the fund’s I Class excluding management fees;
interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses
(I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets.
The agreement may only be terminated at any time after <span id="xdx_900_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260424__20260424__oef--ClassAxis__custom--C000193189Member_zlRWNWqwMZGe">April 30, 2028</span>, with approval by the fund’s Board of Directors. Any expenses
paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc.,
by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price
Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe
Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken
into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at
the time the amounts were waived or paid).</span></td>
</tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 20pt; text-align: left"><span style="font-size: 10pt"><sup id="xdx_F06_zVsBAGAd4ZU1">c</sup></span></td><td style="text-align: left"><span id="xdx_F18_zClIukXMPv0f" style="font-size: 10pt">T. Rowe Price Associates, Inc.,
has contractually agreed (through April 30, 2028) to waive its fees and/or bear any expenses (excluding interest; expenses related to
borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’
ratio of expenses to average daily net assets to exceed 0.45%. The agreement may only be terminated at any time after <span id="xdx_909_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260424__20260424__oef--ClassAxis__custom--C000005557Member_zdJWtj7oAZvl">April 30, 2028</span>,
with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations)
are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.45%.
However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially
waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’
expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation
in place at the time the amounts were waived or paid).</span></td>
</tr></table>
April 30, 2028
April 30, 2028
Example
<p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_z3UqGw18puV" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: normal">This example is intended
to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest
$10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment
has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense
limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect
fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although
your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCMALyAt9O0k"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zGAfkRFJqYub" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example">
<tr style="vertical-align: bottom">
<td style="border-top: black 1pt solid; border-left: black 1pt solid"> </td>
<td colspan="2" id="xdx_48D_eoef--ExpenseExampleYear01_zvUmXSRuaAPk" style="border-top: black 1pt solid; text-align: right"><span style="font-size: 10pt"><b>1 Year</b></span></td>
<td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear03_zPQQN1DFl2A8" style="border-top: black 1pt solid; text-align: right"><span style="font-size: 10pt"><b>3 Years</b></span></td>
<td colspan="2" id="xdx_48B_eoef--ExpenseExampleYear05_zcoz9EBhFvRe" style="border-top: black 1pt solid; text-align: right"><span style="font-size: 10pt"><b>5 Years</b></span></td>
<td colspan="2" id="xdx_486_eoef--ExpenseExampleYear10_zHaHF03YK26f" style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: right"><span style="font-size: 10pt"><b>10
Years </b></span></td>
</tr>
<tr id="xdx_413_20260424__20260424__oef--ClassAxis__custom--C000005557Member_zYPsEnN0x368">
<td style="border-left: black 1pt solid; width: 44%; background-color: #D9D9D9"><span style="font-size: 10pt"><b> Investor
Class </b></span></td>
<td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right"><span style="font-size: 10pt">$</span></td>
<td style="vertical-align: bottom; width: 6%; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">46</span></td>
<td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right"><span style="font-size: 10pt">$</span></td>
<td style="vertical-align: bottom; width: 6%; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">149</span></td>
<td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right"><span style="font-size: 10pt">$</span></td>
<td style="vertical-align: bottom; width: 6%; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">266</span></td>
<td style="vertical-align: bottom; width: 8%; background-color: #D9D9D9; text-align: right"><span style="font-size: 10pt">$</span></td>
<td style="border-right: black 1pt solid; vertical-align: bottom; width: 6%; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">608</span></td>
</tr>
<tr id="xdx_416_20260424__20260424__oef--ClassAxis__custom--C000193189Member_znd1YnFzSU64">
<td style="border-left: black 1pt solid; background-color: #D9D9D9"><span style="font-size: 10pt"><b> I Class </b></span></td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">25</span></td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">80</span></td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">142</span></td>
<td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td>
<td style="border-right: black 1pt solid; vertical-align: bottom; background-color: #D9D9D9; text-align: center"><span style="font-size: 10pt">327</span></td>
</tr>
<tr>
<td style="border-top: black 1pt solid"> </td>
<td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td>
<td style="border-top: black 1pt solid; text-align: right"> </td>
<td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td>
<td style="border-top: black 1pt solid; text-align: right"> </td>
<td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td>
<td style="border-top: black 1pt solid; text-align: right"> </td>
<td style="border-top: black 1pt solid; vertical-align: bottom; text-align: right"> </td>
<td style="border-top: black 1pt solid; text-align: right"> </td>
</tr>
</table>
46
149
266
608
25
80
142
327
Principal Investment Strategies
<p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zCmIwsLhlwd2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Effective August 1, 2026, the T. Rowe Price Tax-Exempt Money
Fund will change its name to the T. Rowe Price Municipal Money Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Normally, at least 80% of the fund’s income will be exempt
from federal income taxes. Subject to shareholder approval, the fund’s Board of Directors has approved changing the fund’s
80% investment policy to the following: “<span id="xdx_907_eoef--StrategyPortfolioConcentration_c20260424__20260424__dei--LegalEntityAxis__custom--S000002161Member_zbZQdBswlZF1">The fund normally invests at least 80% of its net assets (plus any borrowings for investment
purposes) in municipal money market securities whose income is exempt from regular federal income taxes.</span>” If approved by shareholders,
the new 80% investment policy is expected to become effective on August 1, 2026. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fund is a retail money market fund managed in compliance with
Rule 2a -7 under the Investment Company Act of 1940. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The securities purchased by the fund are subject to the maturity,
credit quality, diversification, liquidity, and other requirements of Rule 2a-7. All securities purchased by the fund present minimal
credit risk in the opinion of T. Rowe Price. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fund is managed to provide a stable share price of $1.00 by investing
in high-quality U.S. dollar-denominated municipal securities whose income is expected to be exempt from federal income taxes. The fund’s
weighted average maturity will not exceed 60 calendar days, the fund’s weighted average life will not exceed 120 calendar
days, and the fund will not purchase any security with a remaining maturity longer than 397 calendar days (unless otherwise permitted
by Rule 2a-7, such as certain variable and floating rate instruments).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fund also has a policy that up to 20% of the fund’s income
could be derived from securities subject to the alternative minimum tax. Subject to shareholder approval, the fund’s Board of Directors
has approved eliminating this policy. If approved by shareholders, the elimination of the alternative minimum tax policy is expected to
become effective on August 1, 2026. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because the change to the fund’s 80% investment policy
and elimination of the alternative minimum tax policy require shareholder approval to become effective, the changes are being
proposed for approval at a special shareholder meeting scheduled for June 25, 2026. All shareholders who held shares of the
fund at the close of business on March 27, 2026, are eligible to vote on the proposed changes. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposed changes are intended to provide the fund with greater
long-term flexibility in executing its investment program, align the policies with the fund’s new name, and reduce potential compliance
risks for the fund, although the changes are not expected to substantially affect the way the fund is currently managed. Proxy materials
for the special shareholder meeting describe the proposed changes and the rationale in greater detail. If either proposed change is not
approved by shareholders, the name change will still become effective on August 1, 2026.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In selecting securities for the fund, the portfolio manager may examine
relationships among yields of various types and maturities of money market securities in the context of interest rate outlooks. The fund’s
yield will fluctuate with changes in short-term interest rates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is possible that 25% or more of the fund’s assets could be
invested in municipal securities that would tend to respond similarly to particular economic or political developments. For example, the
fund may invest in securities of issuers whose revenues are generated from similar types of projects or operate in similar industries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although the fund may invest more than 25% of its net assets in industrial
development bonds, the fund limits its investments in industrial development bonds that are supported principally by the assets or revenues
of non-governmental users related to the same industry to 25% of its net assets. Bonds that are refunded with escrowed U.S. government
securities are not subject to the 25% limitation. Refunded bonds may have originally been issued as general obligation or revenue bonds,
but become “refunded” when they are secured by an escrow fund, usually consisting entirely of direct U.S. government obligations,
U.S. government agency obligations, and/or cash.</p>
The fund normally invests at least 80% of its net assets (plus any borrowings for investment
purposes) in municipal money market securities whose income is exempt from regular federal income taxes.
You could lose money by investing in the fund.
Although the fund seeks to preserve the value of your investment at
$1.00 per share, it cannot guarantee it will do so.
The fund may impose a fee upon the sale of your shares.
An investment in the fund
is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
T. Rowe
Price Associates, Inc., is not required to reimburse the fund for losses, and you should not expect that T. Rowe Price Associates,
Inc., will provide financial support to the fund at any time, including during periods of market stress.
<p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesMember_z1a15ulNCKlg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Municipal
securities: </b></span>The fund may be highly impacted by events tied to the overall municipal securities markets, which can be very volatile
and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal
securities issuers and the global, national, and/or local economies. Income from municipal securities held by the fund could become taxable
because of changes in tax laws or interpretations by taxing authorities, or noncompliant conduct of a state or municipality. Other changes
in tax laws, including changes to individual or corporate tax rates, could alter the attractiveness and overall demand for municipal bonds.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain sectors of the municipal bond market have special risks and
could be affected by certain developments more significantly than the market as a whole. For example: health care can be negatively impacted
by rising expenses and dependency on third party reimbursements; transportation can be negatively impacted by declining revenues or unexpectedly
high construction or fuel costs; utilities are subject to governmental rate regulation; and private activity bonds (including industrial
development bonds) rely on project revenues and the creditworthiness of the corporate user as opposed to governmental support. Investing
significantly in municipal obligations backed by revenues of similar types of industries or projects may make the fund more susceptible
to developments affecting those industries and projects. If the fund invests a substantial amount of its assets in issuers located in
a single region, state, or city, there is an increased risk that environmental, economic, political, and social conditions in those regions
will have a significant impact on the fund’s investment performance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--StableNetAssetValueMember_zS0saIBbZORf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Stable
net asset value: </b></span>The fund may not be able to maintain a stable $1.00 share price at all times. The fund’s shareholders
should not rely on or expect the fund’s investment adviser or an affiliate to purchase distressed assets from the fund, enter into
capital support agreements with the fund, make capital infusions into the fund, or take other actions to help the fund maintain a stable
$1.00 share price.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketConditionsMember_zEbpiAO0Evti" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Market
conditions:</b></span> The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting
an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility
of the fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions,
and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters,
and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental
and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading
markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government
intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad
declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionsMember_zk5HWoM3jGqj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Redemptions:</b> The fund may be subject to periods of
increased redemptions that could cause the fund to sell its assets at disadvantageous times or at a depressed value or loss,
particularly during periods of declining or illiquid markets, and that could affect the fund’s ability to maintain a stable
$1.00 share price.</p>
<p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityMember_z71frjkZvJUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Liquidity:</b></span>
The fund may not be able to sell a holding in a timely manner at its current carrying value. Periods of reduced liquidity in money markets
could require the fund to liquidate its assets at inopportune times or at a depressed value, cause the fund to be unable to meet redemption
requests without dilution of the remaining shareholders’ interests in the fund, and potentially affect the fund’s ability
to maintain a $1.00 share price. In addition, the fund’s Board of Directors (or its delegate) has discretion to impose a liquidity
fee if it determines that doing so is in the best interest of the fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditQualityMember_zramoScmAN35" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Credit
quality: </b></span>An issuer of a debt instrument or a provider of credit support could suffer an adverse change in financial condition
that results in a payment default (failure to make scheduled interest or principal payments), a rating downgrade, or an inability to meet
a financial obligation. Although the fund only purchases securities that present minimal credit risk in the opinion of T. Rowe Price,
the credit quality of the fund’s holdings could change rapidly during periods of market stress.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesMember_zpAB8UcpGE15" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Interest
rates: </b></span>A decline in interest rates may lower the fund’s yield, or a rise in the overall level of interest rates may cause
a decline in the prices of fixed income securities held by the fund. The fund’s yield will vary; it is not fixed for a specific
period like the yield on a bank certificate of deposit. This is a disadvantage when interest rates are falling because the fund would
have to reinvest proceeds of maturing securities at lower interest rates. During periods of extremely low short-term interest rates,
the fund may not be able to maintain a positive yield. An elevated inflation environment may heighten risks associated with rising interest
rates. In addition, the adoption of more stringent regulations governing the management of money market funds could have a negative effect
on the fund’s yield.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlternativeMinimumTaxMember_z96CJ0qQYx3b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Alternative
minimum tax:</b></span> Although the fund seeks to distribute tax-exempt income, a portion of the fund’s otherwise tax-exempt dividends
may be taxable to those shareholders subject to the federal alternative minimum tax.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityBreachesMember_zw5SYRIREzM2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Cybersecurity
breaches:</b></span> The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access
to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause
one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of
operational functionality.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
Performance
<p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zTtfXvEfDGEi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260424__20260424__dei--LegalEntityAxis__custom--S000002161Member_z449zgEJr3B8">The following performance information provides some indication of the
risks of investing in the fund.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260424__20260424__dei--LegalEntityAxis__custom--S000002161Member_zMKx1KOB6hx4">The fund’s performance information represents only past performance and is not necessarily an indication
of future results.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following bar chart illustrates how much returns can differ from
year to year by showing calendar year returns and the best and worst calendar quarter returns during those <span style="font-family: Times New Roman, Times, Serif">years
for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.</span></p>
The following performance information provides some indication of the
risks of investing in the fund.
The fund’s performance information represents only past performance and is not necessarily an indication
of future results.
Calender Year Returns
<div id="xdx_A85_eoef--BarChartTableTextBlock_z4U4TbFukiAi"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A5B_zL0EM5k7kUM5" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns">
<tr style="vertical-align: bottom; text-align: center">
<th> </th>
<th id="xdx_483_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000005557Member_zV9rVU9T0iB5"> </th></tr>
<tr id="xdx_417_20160101__20161231_zBYLMv7yLSXa" style="vertical-align: bottom; text-align: center">
<th style="text-align: left; vertical-align: top">2016</th>
<th style="text-align: left; vertical-align: top">0.06</th></tr>
<tr id="xdx_419_20170101__20171231_zcrqYUlFez7i" style="vertical-align: top; text-align: left">
<td style="width: 50%">2017</td>
<td style="width: 50%">0.46</td></tr>
<tr id="xdx_410_20180101__20181231_zzGFGZHxc7cl" style="vertical-align: top; text-align: left">
<td>2018</td>
<td>1.03</td></tr>
<tr id="xdx_41B_20190101__20191231_zpU30LvJu1lb" style="vertical-align: top; text-align: left">
<td>2019</td>
<td>1.09</td></tr>
<tr id="xdx_414_20200101__20201231_zXcWK7dwnWX1" style="vertical-align: top; text-align: left">
<td>2020</td>
<td>0.28</td></tr>
<tr id="xdx_416_20210101__20211231_z6eGQ21wiZmb" style="vertical-align: top; text-align: left">
<td>2021</td>
<td>0.02</td></tr>
<tr id="xdx_412_20220101__20221231_zDcYHwHxUnB7" style="vertical-align: top; text-align: left">
<td>2022</td>
<td>0.83</td></tr>
<tr id="xdx_412_20230101__20231231_zkuoQHK0gu8g" style="vertical-align: top; text-align: left">
<td>2023</td>
<td>2.93</td></tr>
<tr id="xdx_414_20240101__20241231_zvssMeuJ2C7i" style="vertical-align: top; text-align: left">
<td>2024</td>
<td>2.99</td></tr>
<tr id="xdx_412_20250101__20251231_z0KGDsQB9QFc" style="vertical-align: top; text-align: left">
<td>2025</td>
<td>2.34</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="tem485bpos003.jpg" style="height: 276px; width: 500px"/> </p>
0.0006
0.0046
0.0103
0.0109
0.0028
0.0002
0.0083
0.0293
0.0299
0.0234
<p id="xdx_A83_eoef--BarChartClosingTextBlock_zRUXtB1uc1el" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
<td style="width: 9%; text-align: center"> </td>
<td style="width: 14%; text-align: center"> </td>
<td style="width: 14%; text-align: center"><span style="font-size: 10pt">Quarter Ended</span></td>
<td style="width: 12%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Total</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Return</p></td>
<td style="width: 1%; text-align: center"> </td>
<td style="width: 15%; text-align: center"> </td>
<td style="width: 14%; text-align: center"><span style="font-size: 10pt">Quarter Ended</span></td>
<td style="width: 12%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Total</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Return</p></td>
<td style="width: 9%; text-align: center"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: center"> </td>
<td style="background-color: #E6E6E6; text-align: center"><span style="font-size: 10pt"><span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000002161Member_ziu91HIzki6">Best Quarter</span></span></td>
<td style="background-color: #E6E6E6; text-align: center"><span style="font-size: 10pt"><span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000002161Member_zyGHAWe9YFii">12/31/23</span></span></td>
<td style="background-color: #E6E6E6; text-align: center"><span style="font-size: 10pt"><span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000002161Member_z6NlLaSKHqza">0.82%</span></span></td>
<td style="text-align: center"> </td>
<td style="background-color: #E6E6E6; text-align: center"><span style="font-size: 10pt"><span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000002161Member_ztaQfwbHTT63">Worst Quarter</span></span></td>
<td style="background-color: #E6E6E6; text-align: center"><span style="font-size: 10pt"><span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000002161Member_zM8AwqxNaHE">3/31/21</span></span></td>
<td style="background-color: #E6E6E6; text-align: center"><span style="font-size: 10pt"><span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000002161Member_ztkeNjWzrZ11">0.00%</span></span></td>
<td style="text-align: center"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p>
Best Quarter
2023-12-31
0.0082
Worst Quarter
2021-03-31
0.0000
<p id="xdx_A81_eoef--PerformanceTableNarrativeTextBlock_zNYeNQpFLtTl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table shows the average annual total returns for each
class of the fund that has been in operation for at least one full calendar year. In addition, the table also includes a comparative index
that has investment characteristics similar to those of the fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<div id="xdx_A8C_eoef--PerformanceTableTextBlock_zG50NcO69RJe"></div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_90B_eoef--PerformanceTableHeading_c20260424__20260424__dei--LegalEntityAxis__custom--S000002161Member_gIFPTH-IPVV_zsMXHk0CryWl">Average Annual Total Returns </span></b></p>
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<td colspan="12" style="text-align: center"><span style="font-size: 10pt"><b><span id="xdx_C0F_gIFPTH-IPVV_z5sZq3stlMM7">Periods ended </span></b></span></td>
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<td colspan="12" style="text-align: center"><span style="font-size: 10pt"><b><span id="xdx_C02_gIFPTH-IPVV_zqUqMlbVWAia">December 31, 2025</span></b></span></td>
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<td colspan="2" style="text-align: center"><span style="font-size: 10pt"><b>Since</b></span></td>
<td style="text-align: center"><span style="font-size: 10pt"><b>Inception</b></span></td>
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<td style="text-align: right"><span style="font-size: 10pt"><b>1 Year </b></span></td>
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<td style="text-align: right"><span style="font-size: 10pt"><b>5 Years </b></span></td>
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<td style="text-align: right"><span style="font-size: 10pt"><b>10 Years </b></span></td>
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<td colspan="2" style="text-align: center"><span style="font-size: 10pt"><b>inception</b></span></td>
<td style="text-align: center"><span style="font-size: 10pt"><b>date</b></span></td>
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<td><span style="font-size: 10pt"><b>Investor Class</b></span></td>
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<td style="text-align: center"><span style="font-size: 10pt"><b><span id="xdx_90A_eoef--PerfInceptionDate_c19810408__20251231__oef--ClassAxis__custom--C000005557Member_zBBl6IcCL8Ki">04/08/1981</span></b></span></td>
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<td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000005557Member_z3vsMGl7bXU3" style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">2.34</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt">%</span></td>
<td style="background-color: #E6E6E6"> </td>
<td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000005557Member_zFwYgu5alfjl" style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">1.81</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt">%</span></td>
<td style="background-color: #E6E6E6"> </td>
<td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000005557Member_z0rA0Trb5FOe" style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">1.20</span></td>
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<td><span style="font-size: 10pt"><b>I Class</b></span></td>
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<td style="text-align: center"><span style="font-size: 10pt"><b><span id="xdx_901_eoef--PerfInceptionDate_c20170706__20251231__oef--ClassAxis__custom--C000193189Member_zm2tExnaO7Qh">07/06/2017</span></b></span></td>
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<td style="vertical-align: bottom; width: 31%"> </td>
<td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000193189Member_zInPToGbYZQe" style="vertical-align: bottom; width: 10%; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">2.55</span></td>
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<td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000193189Member_zZM9DWmAGIR6" style="vertical-align: bottom; width: 10%; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">1.96</span></td>
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<td style="vertical-align: bottom; width: 11%; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">—</span></td>
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<td style="vertical-align: top; width: 1%; background-color: #E6E6E6"> </td>
<td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20170706__20251231__oef--ClassAxis__custom--C000193189Member_z7IOnD0QAXdk" style="vertical-align: bottom; width: 10%; background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">1.50</span></td>
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<td colspan="12" style="vertical-align: top"><span style="font-size: 10pt">Lipper Tax-Exempt Money Market Funds Average</span></td>
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<td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--LipperTaxExemptMoneyMarketFundsAverageMember_zPwene7n19Gd" style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">2.28</span></td>
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<td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--LipperTaxExemptMoneyMarketFundsAverageMember_zot99mblU0he" style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">1.76</span></td>
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<td style="background-color: #E6E6E6"> </td>
<td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--LipperTaxExemptMoneyMarketFundsAverageMember_z6lCJA1wi0hd" style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">1.18</span></td>
<td style="background-color: #E6E6E6"> </td>
<td style="background-color: #E6E6E6"> </td>
<td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20170630__20251231__oef--PerformanceMeasureAxis__custom--LipperTaxExemptMoneyMarketFundsAverageMember_fYQ_____zUS7kVMP8lVb" style="background-color: #E6E6E6; text-align: right"><span style="font-size: 10pt">1.33</span></td>
<td style="background-color: #E6E6E6"><span style="font-size: 10pt"><sup>a</sup> </span></td>
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<td style="width: 15pt; text-align: right"><span style="font-size: 10pt"><sup id="xdx_F03_zDwZRCbYUJm5">a</sup></span></td><td style="width: 5pt"></td><td id="xdx_F1A_zxy6QamE9Ycj" style="text-align: justify">Return since 6/30/17.</td>
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Average Annual Total Returns Periods ended December 31, 2025
1981-04-08
0.0234
0.0181
0.0120
2017-07-06
0.0255
0.0196
0.0150
0.0228
0.0176
0.0118
0.0133
<p id="xdx_A80_eoef--PerformanceTableClosingTextBlock_zuFXEnUSMzDc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Updated performance information is available through <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260424__20260424__dei--LegalEntityAxis__custom--S000002161Member_zUv8G4VFkSS2">troweprice.com</span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
troweprice.com